Greek betting technology company Intralot has announced an agreement to acquire 51 percent of Slovenske Lotterie for $4.9 million with an option to raise its stake to 81 percent over the next two years.

The Slovakian company has a license from the Government to operate video lottery and automated roulette terminals and Intralot will now also have exclusive access to software from software developer Tornado.

“With this acquisition, Intralot establishes its presence in the Slovak Republic, a country that is strategically located in central-east Europe,” said Constantinos Antonopoulos, Chief Executive Officer for Intralot.

“The company plans to expand the footprint of Slovenske Lotterie, enrich its gaming portfolio and further develop its established network.”

Slovenske Lotterie was incorporated in 1998 to develop and operate a nationwide video lottery network and has terminals in over 300 locations across Slovakia in pubs and specialised gaming venues.

The Athens-based firm stated that the acquisition would be made through a capital increase in the company, diluting existing shareholders as they will waive their right to participate, and is subject to routine regulatory approval and clearances.